What you need to know before starting an exchange
You can exchange bitcoin to euro or dollars through exchanges, exchange services, and specialized sites. But before proceeding with the withdrawal of cash, you need to decide on the currency. It is more profitable to withdraw euros since the exchange rate has high dynamics, and most exchangers offer fair quotes.
In the dollar, the exchange rate is always lower. Therefore, if the money needs to be spent immediately, it is more appropriate to use the euro. To transfer funds to other assets, it is better to lose a couple of percent of the amount but withdraw dollars.
The second significant point is the method of removal. If you want to get a profitable course, use online services. Such exchangers provide a high speed of transactions and provide up-to-date currency quotes.
When withdrawing cash at the exchange service department, less favorable conditions are offered. At the same time, it is worth working through this issue and calculating specific figures. When you receive cash, you can immediately spend the money as you see fit.
When crediting online to a card, you will have to pay interest to the bank, a commission for withdrawing funds from an ATM, and other mandatory payments provided by your card issuer. Therefore, getting cash at the exchange office is sometimes even more profitable.
Converting bitcoins to fiat via an exchange
Let’s ensure that this method is suitable only for experienced cryptocurrency users. There are exchanges like Letsexchange, where conversion from BTC to fiat money is provided. But the process is fraught with several difficulties. The first and most unpleasant moment is that you must make a deal to sell cryptocurrency before you receive dollars or Euros.
Without experience and knowledge about exchange transactions, you can lose 10–20% of the amount on the order alone. And then, you need to pay the exchange interest for the withdrawal of funds. The commission, as a rule, does not exceed 4%, but in monetary terms, this is a reasonably large amount.
The next point concerns the transfer of funds from the exchange to a bank card. Most serious companies work with dollars. Businesses operating for residents of the CIS offer rubles as an alternative currency. Accordingly, the user will encounter a conversion problem.
Many world banks offer to open a dollar account. This solves the problem. But even here, there are pitfalls. In Europe, the leading peer-to-peer network is Mastercard. It is designed to work with either the national currency or the euro. For payments in dollars, additional internal fees are set.
Therefore, you need to issue a Visa card. But even with it, there are particular troubles. Not all banks allow you to withdraw cash in dollars.
The question can be considered for a long time, but the fact will not change: exchanges are designed to trade digital money. Trading allows you to cover overhead costs through the proceeds from successful orders. For a simple exchange, such services are not suitable.
For those who are often abroad
In many countries, electronic payment systems are underdeveloped. There are no national service providers, and payment gateways operating in the country are not designed to carry out such transactions.
The EU is different. Several sizeable electronic payment systems are operating in the eurozone. The most popular are Skrill and Neteller. Both services offer the purchase and exchange of digital money for fiat currencies, for example, flux to usd. A feature of the services is that all transactions take place on the internal accounts of companies, so transactions are processed instantly.